Minority sets July 30 for another OccupyBoG demo
The Minority Caucus has fixed July 30, 2024, to stage another demonstration against the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, for allegedly engaging in wasteful spending on the new BoG Corporate Head Office building and his refusal to answer questions on the latest cost of the building.
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The Caucus also alleged that the cost of construction of the office had further escalated from its original price to over $270 million. It also raised concerns about monetary policies, inflation and the overall management of the country’s financial system.
“The Governor and his team continue wasteful capital expenditure on projects across the country in spite of the insolvency of the bank, something that remains unprecedented in the history of Ghana.”
Context
On October 3, last year, a coalition comprising minority MPs, supporters of the National Democratic Congress (NDC and other interest groups organised the #OccupyBoG demonstration, demanding the resignation of Dr Addison and his deputies over allegations of economic mismanagement and unauthorised currency printing.
The Minority’s effort to directly hand over their petition to the Governor was thwarted when the head of security received it instead. This action did not sit well with the MPs and the accompanying crowd who, among other things, demanded direct engagement with the Governor over issues concerning the central bank’s policies and operations.
Police notice
In pursuit of its plans, the NDC Member of Parliament for Bawku Central, Mahama Ayariga, who is at the forefront of the organisers, has in a July 5, 2024 letter, notified the Accra Regional Police Commander of the planned demonstration.
The protest is scheduled to start from the Obra Spot at the Kwame Nkrumah Circle through Adabraka towards Kingsway, culminating in their march at the frontage of the Bank of Ghana headquarters.
Insolvency
The organisers said the BoG had become insolvent and thus incapable of performing its role. It alleged that the situation had made the Central Bank request the government to recapitalise it which could only be done through additional borrowing or taxation.
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It said Dr Addison and his team supervised the collapse of the banking sector resulting in the closure of banks and aggravated the worsening unemployment situation. It said that eroded the purchasing power of most workers and pushed over one million Ghanaians into extreme poverty.
The statement said the protest had become necessary due to the failure of the anti-corruption institutions to respond to the minority’s complaints.
“We are left with no alternative but the pressure of the might of mass public action to bring a halt to the rot that has plagued our central bank, financial sector, and almost every institution of governance now,” it said.